Earlier quoted context omitted.
Speaking as someone who checks in other kinds of generated code. The tool, like any software, can have bugs/changes in behavior across versions. You don't want to introduce the chance of that happening without being audited in version control if you can easily avoid it.
The tool should be referenced as a versioned dependency at build time. When it gets a new release, you do a new build. Complete with new tests. Anything you do that increases the time between the introduction of the bug and the finding of the bug will make it harder to actually fix it.
This allows developers to feel in control of what's changing in their code base during generation, rather than being worried that some custom code is going to get wiped out by code-gen without them realizing.
In a past project I was on, we had our solution build process run T4 templates to generate code, and it significantly slowed down the build process.
We feel code generation is something you explicitly do when you're "modelling", it's not something that's necessary to create a build nor should it create run-time dependency.